Financial Fraud Enforcement Task Force Announces Regional Results of “Operation Stolen Dreams” Targeting Mortgage Fraudsters
|U.S. Attorney’s Office June 17, 2010|
KNOXVILLE, TN—Following an announcement today by Attorney General Eric Holder in Washington, D.C., representatives of the Financial Fraud Enforcement Task Force in Knoxville, Tennessee, including U.S. Attorney James R. “Russ” Dedrick, announced the regional results of the nationwide takedown “Operation Stolen Dreams,” which targeted mortgage fraudsters in the Eastern District of Tennessee and throughout the country and is the largest collective enforcement effort ever brought to bear in confronting mortgage fraud.
The sweep was organized by President Obama’s interagency Financial Fraud Enforcement Task Force, which was established to lead an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. Starting on March 1, to date Operation Stolen Dreams has involved 1,215 criminal defendants nationwide, including 485 arrests, who are allegedly responsible for more than $2.3 billion in losses. Additionally, to date the operation has resulted in 191 civil enforcement actions which have resulted in the recovery of more than $147 million.
“Mortgage fraud ruins lives, destroys families, and devastates whole communities, so attacking the problem from every possible direction is vital,” said Attorney General Holder. “We will use every tool available to investigate, prosecute, and prevent mortgage fraud, and we will not rest until anyone preying on vulnerable American homeowners is brought to justice.”
U.S. Attorney James R. Dedrick stated, “Mortgage fraud continues to be a plague on our economy and has created distrust in our financial institutions. Individuals and companies involved with defrauding the mortgage systems can expect quick investigation by federal authorities and prosecution for violations of federal law. Mortgage fraud remains a top priority of this District and the Department of Justice.”
Unlike previous mortgage fraud sweeps, Operation Stolen Dreams focused not only on federal criminal cases, but also on civil enforcement, recovering money for victims and increasing cooperation with state and local partners.
The President’s Financial Fraud Enforcement Task Force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. For more information on the task force, visit StopFraud.gov .
Operation Stolen Dreams cases in the Eastern District of Tennessee included:
United States vs.Thomas Duane Roderick
Thomas Duane Roderick, 43, of Wesley Chapel, Florida, entered a plea of guilty on June 9, 2010, in the U.S. District Court for the Eastern District of Tennessee at Greeneville, to wire fraud and money laundering, in connection with a mortgage fraud scheme he conducted from 2004 to 2007. Roderick was a self-employed mortgage broker who processed real estate mortgage loans in the Greeneville, Tenn area, primarily from 2004 until 2007.